Spillovers or Scapegoats? Why Small Countries Should Not Fear Center-Country Monetary and Financial Policy

In this presentation Professor Andrew K. Rose will discuss recent research that analyzes the impact of monetary and financial in center countries (like the United States) for small and emerging economies.

He will discuss beggar-thy-neighbor "currency wars" associated with unconventional monetary policy like quantitative easing and negative nominal interest rates, as well as the impact of the "global financial cycle" on capital flows and credit creation.

Professor Bernard Yeung
Dean and Stephen Riady Distinguished Professor in Finance and Strategic Management, National University of Singapore
President, Asian Bureau of Finance and Economic Research (ABFER)

Speaker

Professor Andrew K. Rose

B.T. Rocca Jr. Professor of International Business, Haas School of
Business, University of California, Berkeley
Exco Member & Senior Fellow, Asian Bureau of Finance and Economic Research
(ABFER)

Andrew K. Rose is the B.T. Rocca Jr. Professor of International
Business in the Economic Analysis and Policy Group, Haas School of Business at the University of
California, Berkeley. He is also a Research Associate of the National Bureau of Economic Research
(based in Cambridge, MA), a Research Fellow of the Centre for Economic Policy Research (based in
London, England), and a Senior Fellow of the Asian Bureau of Finance and Economic Research (based
in Singapore). He received his Ph.D. from the Massachusetts
Institute of Technology, his M.Phil. from Nuffield College, University of Oxford, and his B.A.
from Trinity College, University of Toronto.

Rose has published over one hundred and fifty papers and over ninety articles in refereed
economics journals, including the American Economic Review, the Quarterly Journal of Economics,
the Review of Economic Studies, and the Journal of Finance. His research addresses issues in
international trade, finance, and macroeconomics, and has received more than 40,000 citations.
His teaching is in the areas of international macroeconomics; he has won two teaching awards.

Rose served as Associate Dean for Academic Affairs and Chair of the Faculty 2010-2016, and was
the managing editor of The Journal of International Economics 1995-2001. He and the founding
director of the Clausen Center for International Business and Policy at Haas and the Risk
Management Institute at the National University of Singapore. He has organized over fifty
academic conferences.

Rose is interested in the theory and practice of economic policy, and most of his work is applied
and driven by "real world" international phenomena. A citizen of three countries, he has worked
on six continents and at a number of international economic agencies, including: the
International Monetary Fund, the World Bank, and the Asian Development Bank. He has also worked
at a number of national agencies, including: the US Department of Treasury, HM Treasury (UK), the
Canadian Department of Finance; and the central banks of: Australia, Canada, England, Europe,
Hong Kong, Israel, Italy, Japan, Netherlands, New Zealand, Singapore, Spain, and the United
States. He has visited a number of other universities, including Cape Town, EUI, FUB, INSEAD,
London School of Economics, Melbourne, NUS, Princeton, SHUFE, SMU, Stockholm, Tel Aviv, Tsinghua,
ULB, and Victoria.

Professor Bernard Yeung

Dean and Stephen Riady Distinguished Professor
in Finance and Strategic Management, National University of Singapore
President, Asian Bureau of Finance and Economic Research
(ABFER)

Bernard Yeung is the Dean and Stephen Riady
Distinguished Professor in Finance and Strategic Management and President of
the Asia Bureau of Finance and Economic Research at National University of
Singapore (NUS) Business School. Before joining NUS in June 2008, he was the
Abraham Krasnoff Professor in Global Business, Economics, and Management at
New York University (NYU) Stern School of Business. He has also served as the Director of the NYU China
House, the honorary co-chair of the Strategy Department of the Peking
University Guanghua School of Management. From 1988 to 1999, he taught at
the University of Michigan and at the University of Alberta from 1983 to
1988.

Professor Yeung has published widely in academic journals covering topics in
Finance, Economics, and Strategy; his writing also appears in top-tier media
publications such as The Financial Times and The Wall Street Journal.

He has also won several scholarly honours and awards for academic
excellence, including the Irwin Outstanding Educator Award (2013) from the
Business Policy and Strategy (BPS) division of the Academy of Management and
Teaching Excellence Awards in NYU’s Stern School of Business and University
of Michigan’s Ross School of Business. He is an election Fellow of the
Academy of International Business.

Professor Yeung is a member of the Social Science Research Council (SSRC) in
Singapore. He was a member of the Economic Strategies Committee in Singapore
(2009) and also a member of the Financial Research Council of the Monetary
Authority of Singapore (2010 -2013).

Professor Yeung sits on the 3rd Advisory Board of the Antai College of
Economics and Management at Shanghai Jiao Tong University, the Research
Advisory Council of the Centre for Advanced Financial Research and Learning
(CAFRAL), Reserve Bank of India, the Advisory Council of the Economics and
Management School of Wuhan University, and an independent Non-executive
Director of the Bank of China (BOC) Aviation Limited.

Professor Yeung received his Bachelor of Arts in Economics and Mathematics
from the University of Western Ontario and his MBA and PhD degrees from the
Graduate School of Business at the University of Chicago.